"People familiar with Apple's initiative claim the electronics maker is seeking allotments of LED camera flash components in the tens of millions for delivery during the 2010 calendar year, meaning future iPhones -- and possibly the iPod touch -- are the most likely recipients of those parts, due to their sales volume. Those same people say that Philips' Lumileds Lighting sector is believed to be the front-runner for Apple's business and may have already secured the design win. "
Other reports say Apple has placed an order with Omnivision Technologies for 5 megapixel camera sensors. The current 3.2 megapixel Apple currently offers is looking a bit stale in light of 5 MP chips on some of the newer Android phones. I wouldn't be surprised to see multi-tasking finally make it to the iPhone in an upcoming iteration as well.
While Apple has a top selling smartphone, the competition will certainly push Apple into adding more features to keep a dominant position. Google Voice and Google Navigation anyone?